Margins mostly varied within a range of -20bps to +13bps on the day, with 25 falls and 17 rises. Ignoring short-dated securities, the margins of Challenger Capital Notes 3 (CGFPC, -53bps), AMP Capital Notes 2 (AMPPB, -41bps), Macquarie Bank Capital Notes 2 (MBLPC, +41bps) and Latitude Capital Notes (LFSPA, +31bps) had the largest changes on the day.
ASX-LISTED HYBRIDS
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Macquarie Group | MQGPC | Capital Notes 3 | 16-Dec-24 | 4.00% | 3.16% | 0.31% | 101.22 | 8.41% |
| ANZ Banking Group | AN3PH | Capital Notes 5 | 20-Mar-25 | 3.80% | 0.65% | -0.09% | 102.08 | 8.12% |
| CBA | CBAPG | PERLS 10 | 15-Apr-25 | 3.40% | 1.60% | 0.90% | 102.01 | 7.76% |
| Westpac | WBCPH | Capital Notes 5 | 22-Sep-25 | 3.20% | 1.41% | 0.40% | 102.61 | 7.50% |
| AMP Group | AMPPB | Capital Notes 2 | 16-Dec-25 | 4.50% | 1.08% | -0.41% | 104.99 | 8.60% |
| Macquarie Bank | MBLPC | Capital Notes 2 | 22-Dec-25 | 4.70% | 1.55% | 0.41% | 104.55 | 8.81% |
| Challenger | CGFPC | Capital Notes 3 | 25-May-26 | 4.60% | 1.53% | -0.53% | 106.45 | 8.63% |
| Nat Aust Bank | NABPF | Capital Notes 3 | 17-Jun-26 | 4.00% | 1.59% | -0.03% | 105.00 | 8.12% |
| Suncorp | SUNPH | Capital Notes 3 | 17-Jun-26 | 3.00% | 1.90% | 0.05% | 102.90 | 7.29% |
| Macquarie Group | MQGPD | Capital Notes 4 | 10-Sep-26 | 4.15% | 1.68% | -0.19% | 105.59 | 8.21% |
| CBA | CBAPJ | PERLS 13 | 20-Oct-26 | 2.75% | 1.33% | -0.28% | 103.78 | 6.98% |
| Latitude | LFSPA | Capital Notes | 27-Oct-26 | 4.75% | 7.37% | 0.31% | 96.50 | 9.54% |
| Westpac | WBCPJ | Capital Notes 7 | 22-Mar-27 | 3.40% | 1.70% | 0.02% | 104.83 | 7.53% |
| CBA | CBAPI | PERLS 12 | 20-Apr-27 | 3.00% | 1.78% | -0.06% | 103.98 | 7.21% |
| Bank of Queensland | BOQPF | Capital Notes 2 | 14-May-27 | 3.80% | 2.05% | 0.03% | 104.00 | 7.90% |
| Bendigo Bank | BENPH | Capital Notes | 15-Jun-27 | 3.80% | 2.23% | -0.01% | 105.05 | 7.92% |
| Macquarie Group | MQGPE | Capital Notes 5 | 20-Sep-27 | 2.90% | 1.92% | 0.08% | 103.60 | 7.13% |
| Nat Aust Bank | NABPH | Capital Notes 5 | 17-Dec-27 | 3.50% | 1.96% | 0.02% | 105.52 | 7.59% |
| ANZ Bank | AN3PI | Capital Notes 6 | 20-Mar-28 | 3.00% | 2.01% | 0.01% | 103.90 | 7.20% |
| CBA | CBAPL | PERLS 15 | 15-Jun-28 | 2.85% | 1.98% | -0.05% | 104.00 | 7.07% |
| Suncorp | SUNPI | Capital Notes 4 | 17-Jun-28 | 2.90% | 2.12% | -0.09% | 103.73 | 7.13% |
| Westpac | WBCPL | Capital Notes 9 | 22-Sep-28 | 3.40% | 1.93% | -0.09% | 105.98 | 7.45% |
| Macquarie Bank | MBLPD | Capital Notes 3 | 7-Dec-28 | 2.90% | 1.66% | 0.02% | 105.50 | 7.01% |
| Bank of Queensland | BOQPG | Capital Notes 3 | 15-Dec-28 | 3.40% | 2.13% | -0.23% | 105.70 | 7.48% |
| Judo Capital | JDOPA | Capital Notes | 16-Feb-29 | 6.50% | 3.04% | 0.11% | 111.50 | 9.78% |
| ANZ Bank | AN3PJ | Capital Notes 7 | 20-Mar-29 | 2.70% | 1.93% | -0.02% | 103.81 | 6.91% |
| Challenger | CGFPD | Capital Notes 4 | 25-May-29 | 3.60% | 2.47% | 0.16% | 106.07 | 7.68% |
| CBA | CBAPK | PERLS 14 | 15-Jun-29 | 2.75% | 1.98% | 0.00% | 104.24 | 6.95% |
| IAG | IAGPE | Capital Notes 2 | 15-Jun-29 | 3.50% | 2.21% | 0.04% | 106.01 | 7.54% |
| Macquarie Group | MQGPF | Capital Notes 6 | 12-Sep-29 | 3.70% | 2.04% | 0.00% | 107.74 | 7.62% |
| Nat Aust Bank | NABPI | Capital Notes 6 | 17-Sep-29 | 3.15% | 1.97% | 0.09% | 105.96 | 7.22% |
| Westpac | WBCPK | Capital Notes 8 | 21-Sep-29 | 2.90% | 1.78% | -0.17% | 105.59 | 7.00% |
| ANZ Bank | AN3PK | Capital Notes 8 | 20-Mar-30 | 2.75% | 2.11% | -0.06% | 103.80 | 6.96% |
| CBA | CBAPM | PERLS 16 | 17-Jun-30 | 3.00% | 2.03% | 0.01% | 105.60 | 7.10% |
| Suncorp | SUNPJ | Capital Notes 5 | 17-Jun-30 | 2.80% | 2.16% | -0.06% | 104.20 | 7.00% |
| Nat Aust Bank | NABPJ | Capital Notes 7 | 17-Sep-30 | 2.80% | 2.14% | -0.01% | 104.39 | 6.99% |
| Bendigo Bank | BENPI | Capital Notes 2 | 13-Dec-30 | 3.20% | 2.13% | -0.02% | 106.40 | 7.24% |
| IAG | IAGPF | Capital Notes 3 | 15-Dec-30 | 3.20% | 2.28% | -0.02% | 105.50 | 7.29% |
| ANZ Bank | AN3PL | Capital Notes 9 | 20-Mar-31 | 2.90% | 1.96% | -0.10% | 105.60 | 6.99% |
| Westpac | WBCPM | Capital Notes 10 | 22-Sep-31 | 3.10% | 2.12% | -0.03% | 106.22 | 7.15% |
| Macquarie Group | MQGPG | Capital Notes 7 | 15-Dec-31 | 2.65% | 2.20% | -0.05% | 103.75 | 6.88% |
| Nat Aust Bank | NABPK | Capital Notes 8 | 17-Mar-32 | 2.60% | 2.12% | -0.01% | 104.00 | 6.82% |
ASX-LISTED HYBRIDS (NON-STANDARD)
| COMPANY | CODE | HYBRID TYPE | MATURITY/ CALL DATE | MARGIN INCL. CREDITS | TRADING MARGIN | DAY CHANGE | PRICE (LAST) | RUNNING YIELD** |
|---|---|---|---|---|---|---|---|---|
| Nufarm | NFNG | Step Up | Perpetual | 3.90% | 5.03% | -0.09% | 91.25 | 9.45% |
| Ramsay Health Care | RHCPA | Preference Share | Perpetual | 4.85% | 4.68% | 0.01% | 105.06 | 9.10% |
** “Clean” running yield. Includes franking credits if present.